On the economic front, President Obama will release his fiscal year 2015 budget proposal Tuesday. The budget will include a handful of proposals to help low- and middle-income families.

In corporate news, Radio Shack(RSH) shares tumbled more than 20% after the electronics retailer reported in its earnings statement that it is closing about 1,100 stores, or about 20% of its total, amid plunging same-store sales.